腾芯片拓展海外市场，加速全球AI平权

Investment Rating - The report assigns an "Accumulate" rating for the industry [1] Core Insights - Malaysia is leading the deployment of Ascend GPUs, enhancing national AI sovereignty through localized deployment of large language models like Deepseek [3] - The continuous iteration of domestic computing power hardware and software architecture is expected to accelerate overseas market expansion [4] - The performance of Ascend 910C single card is approximately 780 TFLOPS, nearing 80% of H100's performance, indicating a significant upgrade in domestic computing power competitiveness [4] - The CloudMatrix 384 super node achieves single card decode throughput of 1920 tokens/s, comparable to H100 performance [4] - The report highlights the potential for accelerated overseas expansion of domestic chips, supported by the Malaysian government's AI infrastructure strategy [4] Summary by Sections Investment Recommendations - Recommended stocks include SMIC, Huafeng Technology, Xingsen Technology, and Chipone Technology, with a focus on their competitive positioning in the market [4][5] - Related stocks mentioned are Nanya Technology and Liyang Chip [4] Market Developments - The Malaysian government is advancing its AI infrastructure strategy, with the first sovereign generative AI server, AlterMatic DT250AI, outperforming industry averages by 20% [4] - Skyvast and Liyang Chip plan to deploy 3,000 advanced GPUs in various infrastructure areas by 2026 [4] Performance Metrics - The report provides estimated EPS and PE ratios for recommended stocks, indicating growth potential and investment attractiveness [5]